PODCAST EPISODE 149: STOP WASTING YOUR KIDS’ COLLEGE MONEY

EPISODE SUMMARY

In this episode of Your Business, Your Wealth, Paul and Cory talk about college saving strategies. Specifically, they focus on the benefits and detriments of one of the most commonly used tools, the 529 plan. They take a deep dive into some of the restrictions and consequences that accompany 529 plans as well as alternative ways to fund your child’s education. Finally, Paul speaks to the potential future of college education and the impact it could have on the ways we save and build our balance sheet.

WHAT WAS COVERED

  • 01:39 – Paul and Cory take a moment to acknowledge and express their appreciation for listeners of Your Business, Your Wealth
  • 02:44 – Today’s topic: Stop Wasting Your Kids’ College Money
  • 03:47 – This Week in Planning
  • 05:06 – Reflecting on the vulnerability of our businesses
  • 08:19 – Being smart about the ways in which we save for our kids’ college
  • 10:04 – The traditional thought process when we first have children
  • 12:13 – The 529 Plan explained
  • 15:02 – Problems that occur with 529 plans
  • 17:03 – Common misconceptions between college savings and college funding plans
  • 18:26 – The compounding problem
  • 21:57 – The four year risk off period
  • 24:39 – Restrictions of 529 plans
  • 28:25 – The Morehouse Graduation example
  • 31:13 – Paul interrupts the podcast to provide the audience with a special offer
  • 32:50 – Alternative ways to fund your kids’ college education
  • 35:10 – The importance of focusing on wealth building rather than education funding
  • 37:49 – What to do if your child doesn’t intend to finish college
  • 39:01 – Explaining college loans
  • 41:40 – Natural consequences
  • 43:54 – Offering choices to your children
  • 52:24 – Paul speaks to the potential future of college education
  • 54:30 – Paul leaves the audience with some actionable advice
  • 56:04 – The importance of protecting your money when funding a 529 plan
  • 56:44 – Paul announces a special giveaway to those who leave a podcast review

TWEETABLES

LINKS

Sound Financial Group’s Website for a Financial Inquiry Call – Info@sfgwa.com (Inquiry in the subject)

Sound Financial Group on Facebook

Sound Financial Group on LinkedIn

Cape Not Required (Cory’s Book)

Sound Financial Advice (Paul’s Book)

Clockwork

Mike Michalowicz’s Book – Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

Paul’s Twitter

Paul’s LinkedIn

Cory’s LinkedIn

Sending Your Money to College (downloadable PDF)

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MUSIC CREDITS

“Legends Are Made” Copyright 2017. Music, arrangement and lyrics by Sam Tinnesz, Savage Youth Music Publishing SESAC and Matt Bronleewe, UNSECRET Songs SESAC

ATTACHMENTS

PRODUCTION CREDITS

Podcast production and marketing by FullCast

Recorded using Switcher Studio: sales@switcherstudio.com